The Latest Price Analysis of Solana (SOL)
According to a recent price analysis report, the price of Solana (SOL) has surpassed the resistance level at $20.50 and buyers are now aiming for a high of $22.
Solana Long-Term Price Forecast: Bearish
The cryptocurrency’s price has successfully broken through the $20.50 resistance level and the 50-day line SMA (Simple Moving Average). The bullish momentum brought it to a high of $21.82 before facing resistance. The $22 resistance zone is where the upward movement is rejected. The market is currently overbought near this recent high. Solana is currently experiencing a slight pullback from its recent peak. If the price rises above the moving average lines again, the current uptrend will continue towards the $22.30 high. However, if the price drops below the 50-day line SMA, the altcoin will need to remain within a range.
Solana Price Indicator Analysis
The Relative Strength Index for a 14-day period indicates that Solana is trading at 61, suggesting an uptrend. As long as the price bars remain above the moving average lines, there is potential for further upward movement. Currently, the crypto price is retracing after entering the overbought zone and is below the 80 level of the daily stochastic indicator.
Technical Indicators
Key supply zones: $20, $25, $30
Key demand zones: $10, $5, $1
What’s Next for Solana?
After surpassing the moving average lines, Solana’s uptrend has resumed. However, it now faces resistance at the $21.82 high. The altcoin is currently retracing towards the breakout level of $20.50. If Solana manages to stay above this support line, the market will likely continue to expand.
As we reported on September 24, resistance at $20.50 had previously halted the upward movement of Solana since September 5. On September 21, Solana encountered resistance again after surpassing the $19 support level.
Hot Take: Solana’s Price Breaks Resistance and Aims for New High
The price analysis shows that Solana has successfully broken through the resistance level at $20.50 and is now targeting a high of $22. Although there is a possibility of a slight pullback due to overbought conditions, if Solana remains above the support line, the market is expected to continue its upward momentum. Traders and investors are closely watching these price movements as they anticipate further gains for Solana.
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